2023-06-21 16:48:04 ET
Intrepid Potash ( NYSE: IPI ) +3.2% post-market Wednesday after saying it completed phase 1 of its HB Injection Pipeline project, with proven injection rates of up to 2K gallons per minute, nearly triple the average injection rate of ~700 GPM over the previous five years.
The company said it anticipates operating at average injection rates of 1,100 GPM prior to the completion of phase 2, when it expects to operate at injection rates of 1,500-2,000 GPM.
For phase 2, Intrepid Potash ( IPI ) said it is working through the permitting requirements prior to starting construction but still expects to begin construction by the end of the year, with commissioning expected in Q1 2024.
The HB Injection Pipeline project has two phases: Phase 1 is the installation of a new 21-mile pipeline to increase brine injection rates, and Phase 2 includes the installation of an in-line pigging system to clean the pipeline and prevent scaling to help ensure more consistent flow rates.
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Intrepid Potash completes first phase of HB Injection Pipeline project